Bristow Group, Inc. · NYSE:VTOL
Bristow — Q2 2025 Earnings Presentation
20 slides from Bristow's earnings presentation, Aug 6, 2025
Slide 1: Q2 2025 Earnings Presentation
Q2 2025 Earnings Presentation August 6, 2025
Slide 2: Q2 2025 Earnings Call
Redeate (Red) Tilahun 01 Introduction Senior Manager, Investor Relations and Financial Reporting Chris Bradshaw 02 Operational Highlights President and CEO Q2 2025 Earnings Call 03 Financial Review Jennifer Whalen SVP, Chief Financial Officer Chris Bradshaw 04 Concluding Remarks President and CEO 05
Slide 3: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements
Slide 4: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation In addition to financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation includes certain non-GAAP measures including EBITDA, Adjusted EBITDA, Adjusted Operating Income, Net Debt, Free Cash Flo
Slide 5: Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions
Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions Presence on Global Employees 6 Continents Publicly Traded on 3,612 Total Customers in NYSE (VTOL) 937 Pilots 16 Countries 924 Engineers Aircraft Fleet(1) Revenues by Segment(2) Revenues by Region(3) 11% 8% AW189 Other 13
Slide 6: Aircraft Fleet Mix
Aircraft Fleet Mix Bristow Fleet by Segment 6 AW189 49 AW139 51 S92 129 20% Offshore Energy Services 1 Fixed Wing Leased 11 Other 11 Light Twin Medium 12 S92 17 AW189 63 211 Government Services 20 Single Engine 4 AW139 3 Light Twin 3 Other Medium 4 UAS 5 Single Engine 1 AW139 80% Other 19 Owned Serv
Slide 7: Q2 2025 Financial Results & Highlights
Current Quarter(1) Highlights Q2 2025 Financial Results & Highlights Raises 2025 and 2026 outlook ranges Made $15.3 million (£11.2 million) of Total Revenues Adjusted EBITDA(2) accelerated principal payments on its UKSAR Debt facility $400 $75 $376 $351 $300 $61 Repurchased 119,841 shares of common
Slide 8: Offshore Energy Services
Offshore Total Revenues Energy Services $250 $200 $ in millions Revenues were $13.0 million higher in the Current $240 $253 Quarter. Revenues in Europe were $6.4 million higher $150 primarily due to higher utilization and favorable foreign exchange rate impacts in Norway. Revenues in the $100 Americ
Slide 9: Government Services
Government Total Revenues Services $100 $80 $ in millions $60 Revenues were $6.6 million higher in the Current $93 $40 $86 Quarter primarily due to the ongoing transition of the Irish Coast Guard (“IRCG”) search and rescue contract $20 and higher utilization in the United Kingdom Search and $0 Rescu
Slide 10: Other Services
Total Revenues Other Services $40 $30 $ in millions $20 $31 $10 $25 Revenues from Other Services were $6.3 million higher than the Preceding Quarter primarily due $0 to seasonally higher utilization in Australia. Q1 2025 Q2 2025 Adjusted Operating Income $10 Adjusted Operating Income was $4.2 millio
Slide 11: Raises 2025 And 2026 Outlook
s Raises 2025 And 2026 Outlook RAISED RAISED Revenues (in USD, millions) 2025E(1)(2) 2026E(1)(2) Offshore Energy Services $980 - $1,030 $1,050 - $1,130 Government Services $360 - $400 $440 - $460 Other Services $120 - $130 $130 - $150 Total revenues $1,460 - $1,560 $1,620 - $1,740 Adjusted Operating
Slide 12: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position $251.8 million of unrestricted cash and total liquidity of $316.5 No material near-term debt maturities. Additionally, amortizing equipment million(1) (2) financings include flexible pre-payment terms Unfunded capital commitments of $128.5 million, consist
Slide 13: Advancing Government SAR
Advancing Government SAR 2nd Generation UK SAR Irish Coast Guard Contract (UKSAR2G) Contract (IRCG) Funding the investment with cash on hand, An Effective Transition Plan Significant Addition to Bristow’s operating cash flows, debt Government Services Offering Investing capital to ensure financing a
Slide 14: Capital Allocation Framework
Capital Allocation Framework Priority Philosophy Strategic Objectives Status • Protect and maintain strong balance sheet • Pay down debt to a balance of approximately • $15.3 million (£11.2 million) Balance and liquidity position $500 million gross debt by the end of 2026 of accelerated principal Sh
Slide 15: Appendix
1 Fleet Overview Appendix 2 Adjusted EBITDA 3 Revenues and Flight Hours by Segment 4 Adjusted Operating Income by Segment 5 Adjusted Free Cash Flow 15
Slide 16: Fleet Overview
NUMBER OF AIRCRAFT(1) AVERAGE AGE TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT (YEARS)(2) Fleet Heavy Helicopters: S92 34 29 63 15 Overview AW189 19 4 23 8 53 33 86 Medium Helicopters: AW139 49 5 54 14 S76 D/C++ 13 — 13 13 AS365 1 — 1 36 63 5 68 1. As of June 30, 2025. Does not include certain
Slide 17: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended June 30, March 31, December 31, September 30, ($000s) 2025 2025 2024 2024 LTM Net income $ 31,779 $ 27,381 $ 31,768 $ 28,279 $ 119,207 Depreciation and amortization expense 17,312 16,841 16,701 17,569 68,423 Interest expense, net 10,034 9,490 9,064 9
Slide 18: Revenues and Flight Hours by Segment
Revenues and Flight Hours by Segment Three Months Ended June 30, March 31, December 31, September 30, 2025 2025 2024 2024 LTM Revenues ($000s) Offshore Energy Services: Europe $ 107,625 $ 101,218 $ 105,686 $ 108,263 $ 422,792 Americas 95,230 91,569 89,651 92,331 368,781 Africa 49,955 46,998 44,827 4
Slide 19: Adjusted Operating Income Reconciliation
Adjusted Operating Income Reconciliation Three Months Ended ($000s) June 30, 2025 March 31, 2025 Offshore Energy Services: Operating income $ 43,595 $ 37,365 Depreciation and amortization expense 6,924 6,870 PBH amortization 3,069 2,879 Offshore Energy Services Adjusted Operating Income $ 53,588 $ 4
Slide 20: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended June 30, March 31, December 31, September 30, ($000s) 2025 2025 2024 2024 LTM Net cash provided by (used in) operating activities $ 99,039 $ (603) $ 51,054 $ 66,022 $ 215,512 Less: Maintenance capital expenditures (4,532) (1,886) (2,739) (8,0